Despite recent high profile cyber-security breaches, new research by Manifest has found that 36% of the UK’s premium listed companies do not recognise cyber-security amongst their key risks to be disclosed to investors. Not taking cyber-security seriously can be a material cost for companies – the repeated problems as at telecommunications company TalkTalk shows how companies are risking their reputation as well as long-term shareholder value.
Cyber-security is recognised as a high priority risk by 64% of the FTSE 350, with only regulatory compliance (77%) being recognised as more important. All of the telecoms companies in the FTSE 350 recognised cyber security as a key risk, but as the problems as at TalkTalk show, the difference between recognising the risk and dealing it effectively can be challenging.
EY, in its Global Information Survey 2015, suggests that companies are still not yet taking a coherent approach to the problem advising companies that almost every part of a company could have a risk of a breach. The survey found 36% of respondents said they were unlikely to be able to detect a sophisticated attack. While this is a significant improvement from the 2014 finding of 56%, organisations needed to remember that the level of sophistication in cyber attacks is continually increasing.
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